2008/12/03 Council Agenda Packet

Lti PROJECT TITLE: A Resolution concerning Consent COUNCIL BILL# HOME and 2060 Housing Planning Trust agreements for the X Action Originating Department Artspace Project and First Reading Contact Person Dave Koenig amending Resolution NO. Second Reading Phone Number 425-257-8736 6003 Dec. 3, 2008 Third Reading FOR AGENDA OF Public Hearing Initialed by: Department Head '.fre CAA Council President Location Preceding Action Attachments Department(s)Approval City Council Passed Resolution Resolution No. 6003 on April 2, 2008 Amount Budgeted -0- Expenditure Required -0- Account Number(s): Budget Remaining -0- Additional Required -0- DETAILED SUMMARY STATEMENT: This resolution authorizes the Mayor to execute loan agreements with Artspace for HOME funds and 2060 Housing Trust Funds . This resolution will also authorize a reallocation of funds from what was previously allocated in Resolution 6003 (April 2, 2008) : • $169, 520 . 17 in HOME funds will subtracted from Artspace and replaced with $169, 520 . 17 of 2060 Housing Trust Funds . • $109, 964 . 30 in 2060 Housing Trust Funds will be subtracted from Everett Housing Authority and will be replaced with $109, 964 . 30 in HOME funds . • $59, 555. 87 in 2060 Housing Trust Funds will be subtracted from Washington Home of Your Own and will be replaced with $59, 555 . 87 in HOME funds . This reallocation does not affect the amounts given to each organization ($169, 520 . 17 = $109, 964 . 30 + $59, 555 . 87) , but this reallocation will facilitate Snohomish County' s additional commitment of up to $175, 000. 00 in HOME funds for the Artspace project . RECOMMENDATION: Adopt Resolution concerning HOME and Housing Trust 2060 funds agreements for the Artspace Project and amending Resolution No. 6003 . J